Renko Trading For Gamers (RTFG) | Page 23 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading Renko 1,136 replies

RENKO Trading SYSTEM - RENKO Indicators 7 replies

New Renko Bar and Reversal Renko Bar Indicator Alert Help Please 5 replies

Market Makers or Market Gamers? 0 replies

Renko Trading Journal 28 replies

Attachments: Renko Trading For Gamers (RTFG)
Exit Attachments

Renko Trading For Gamers (RTFG)

  • #441
  • Jan 23, 2010 7:47am Jan 23, 2010 7:47am
Quoting FatherJack
I guess it's just a T3MA indie. Here you go. Do not have mq4.
I think not that indi,i mean indi below on chart ?
"Buy on fear, sell on greed !!!
  • #442
  • Jan 23, 2010 7:50am Jan 23, 2010 7:50am
Quoting Petar_Serbia
I think not that indi,i mean indi below on chart ?
Oh, you want this one...
Attached File(s)
File Type: mq4 T3_DPO-v3.mq4   2 KB | 461 downloads
  • #443
  • Jan 23, 2010 7:56am Jan 23, 2010 7:56am
Quoting FatherJack
Oh, you want this one...
Yea thanks,i will test that indi when i have a time ...
"Buy on fear, sell on greed !!!
  • #444
  • Jan 23, 2010 8:11am Jan 23, 2010 8:11am
Quoting FatherJack
Oh, you want this one...
I will try something interesting with that indi...
"Buy on fear, sell on greed !!!
  • #445
  • Jan 23, 2010 8:17am Jan 23, 2010 8:17am
Quoting Petar_Serbia
I will try something interesting with that indi...
Sounds intriguing Don't forget to share with us
  • #446
  • Jan 23, 2010 8:20am Jan 23, 2010 8:20am
Quoting FatherJack
Sounds intriguing Don't forget to share with us
Ofcourse but dont have time to test now i am very busy...





Cheers
"Buy on fear, sell on greed !!!
  • #447
  • Jan 24, 2010 10:43pm Jan 24, 2010 10:43pm
Hi FatherJack,

what are your thoughts on targets and exits please?

Much appreciated.

Nick



Quoting FatherJack
Well, Martingale is good and clear with renko. I hate stop losses, and I don't trust those dealers to put them on chart/send to their server.
If you have a legitimate breakout signal, but it doesn't work, you just open double lot the opposite way when you have the opposite signal or the price goes ~60 pips (that's my rule of thumb for EY 30min) the opposite way. That's it. My account/lot size proportion allows me to do it about 6 times in a row without even coming close to a margin call. But if I have to do it more than say three times, I start...
  • #448
  • Jan 24, 2010 11:23pm Jan 24, 2010 11:23pm
Quoting nick2112
Hi FatherJack,

what are your thoughts on targets and exits please?

Much appreciated.

Nick
I'd go for anything from 30 to 70 pips a day on EY depending on the market condition and how I feel that morning Right now I am about 30 pips in profit and resist the temptation to grab it and get out. If the first entry is wrong, I martingale it, and move TP to about 80-100-150 pips, go to a higher TF, and it becomes a longer term trade. Because spread accumulation is pretty nasty if you martingale, let alone doubling lots.
But honestly I think my weak point is that I close profitable positions too early. Well, one bird in the hand is better than a woodpecker in the butt
  • #449
  • Jan 26, 2010 5:35am Jan 26, 2010 5:35am
This is some good setups today and yesterday
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdtraderenko.gif Size: 23 KB
Click to Enlarge Name: gbpusdtraderenko2.gif Size: 23 KB
"Buy on fear, sell on greed !!!
  • #450
  • Edited 6:42am Jan 26, 2010 6:31am | Edited 6:42am
Quoting Petar_Serbia
This is some good setups today and yesterday
If you wanted to avoid taking any longer term counter trend trade breakouts with this method, what would you recommend Petar, anyone?

PS: Thought this maybe something of interest, a Martigale method I found at tsd last weekend.. You often hear of experienced traders, some 20+ years say they can make money with a system that only has 50% winning trades.
Is this how they do it? I don't fully understand the method so maybe fatherjack or someone else can simplify it for me?
Thanks in advanced...
Attached File(s)
File Type: pdf Martigale Method.pdf   16 KB | 566 downloads
  • #451
  • Jan 26, 2010 6:36am Jan 26, 2010 6:36am
Quoting Petar_Serbia
This is some good setups today and yesterday
Petar, from your experience, how often do you have a legitimate breakout on Renko, but Delta or MACD filter it out? I mean, normally, if the move is big enough to cause breakout on the chart, MACD or RSI will always confirm it. So why do you need them at all?
Can you show a chart on any pair where any of those indicators cancel a valid renko breakout? I wasn't able to find one on EY.
  • #452
  • Jan 26, 2010 6:51am Jan 26, 2010 6:51am
Quoting FatherJack
Petar, from your experience, how often do you have a legitimate breakout on Renko, but Delta or MACD filter it out? I mean, normally, if the move is big enough to cause breakout on the chart, MACD or RSI will always confirm it. So why do you need them at all?
Can you show a chart on any pair where any of those indicators cancel a valid renko breakout? I wasn't able to find one on EY.
Great question FatherJack, can you go back one page I added something to my last post?
Thanks,
45
PS: I found the chin breakout indi gives (almost always) identical breakout s/r areas (like pandor's box) no matter which renko template I use it on.
  • #453
  • Jan 26, 2010 6:54am Jan 26, 2010 6:54am
Quoting 45Fxguy
If you wanted to avoid taking any longer term counter trend trade breakouts with this method, what would you recommend Petar, anyone?

PS: Thought this maybe something of interest, a Martigale method I found at tsd last weekend.. You often hear of experienced traders, some 20+ years say they can make money with a system that only has 50% winning trades.
Is this how they do it? I don't fully understand the method so maybe fatherjack or someone else can simplify it for me?
Thanks in advanced...
Look i work on long term renko trade and found best setup for long term,look at the chart below and tell me what you think ?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdlongterm.gif Size: 24 KB
"Buy on fear, sell on greed !!!
  • #454
  • Jan 26, 2010 7:02am Jan 26, 2010 7:02am
Quoting Petar_Serbia
Look i work on long term renko trade and found best setup for long term,look at the chart below and tell me what you think ?
Look very interesting I think Chris_B maybe working on something similar.
  • #455
  • Jan 26, 2010 7:14am Jan 26, 2010 7:14am
Quoting 45Fxguy
Look very interesting I think Chris_B maybe working on something similar.
Setup above is anyting you need for leng term trading Renko...
"Buy on fear, sell on greed !!!
  • #456
  • Jan 26, 2010 7:20am Jan 26, 2010 7:20am
Going to post your template?

I hadn't thought about using Chris_B's new setup that way.
It can be found here in his thread.
http://www.forexfactory.com/showpost...6&postcount=25
  • #457
  • Jan 26, 2010 7:47am Jan 26, 2010 7:47am
Quoting 45Fxguy
Going to post your template?

I hadn't thought about using Chris_B's new setup that way.
It can be found here in his thread.
http://www.forexfactory.com/showpost...6&postcount=25
Ofcourse bro ,

I think all of you guys see when you should take a tade or i must explain ?
Attached File(s)
File Type: tpl longtermrenko.tpl   2 KB | 462 downloads
"Buy on fear, sell on greed !!!
  • #458
  • Jan 26, 2010 7:49am Jan 26, 2010 7:49am
Quoting 45Fxguy
Great question FatherJack, can you go back one page I added something to my last post?
Thanks,
45
PS: I found the chin breakout indi gives (almost always) identical breakout s/r areas (like pandor's box) no matter which renko template I use it on.
Thanks for mentioning the chin breakout, will test it.
As for the martingale doc - actually, I have paid to a programmer and he made me a similar EA this guy is talking about. I found that the biggest problem with it is spread accumulation. Say, we bought EY at 100.00, 0.01 lot, spread 4, TP 100. TP not reached and we sold 0.02 at 99.50. We already lost 12 pips on the spread. Next turn we will buy 0.03 or 0.04 and will loose already 20+ pips. In a couple of rotations like this the spread will eat our TP completely (and the dealer will not have perfect execution, so this accumulation will happen much faster in real life). That is why it is very dangerous, and as I said, after three-four turns I am trying to BE as soon as possible.
So, with this method you should be aware of the hidden traps. I am not sure how this guy is going to cope with this problem, he's got some formulas, but I just know for sure you cannot avoid this spread thing.
Another obvious thing on martingale - you either need a big account or tiny lots or mad leverage.
All this said, I've been trading this method successfully for about a year. The key is to find a combination of indies that give (for intraday trading) 1-3 signals a day. And renko is really the best thing if you want to martingale. I'm so happy I found this thread, it makes things much easier. (I am sorry for being off-top a bit, please do not be mad with me for this.)

added: the template in the previous post is great for martingale, btw. rare signals, and not too far away from each other during flat.
  • #459
  • Jan 26, 2010 8:02am Jan 26, 2010 8:02am
Quoting FatherJack
Thanks for mentioning the chin breakout, will test it.
As for the martingale doc - actually, I have paid to a programmer and he made me a similar EA this guy is talking about. I found that the biggest problem with it is spread accumulation. Say, we bought EY at 100.00, 0.01 lot, spread 4, TP 100. TP not reached and we sold 0.02 at 99.50. We already lost 12 pips on the spread. Next turn we will buy 0.03 or 0.04 and will loose already 20+ pips. In a couple of rotations like this the spread will eat our TP completely (and the dealer will not have...
Yea setup is great and think it will help you
"Buy on fear, sell on greed !!!
  • #460
  • Jan 26, 2010 8:13am Jan 26, 2010 8:13am
Quoting FatherJack
Thanks for mentioning the chin breakout, will test it.
As for the martingale doc - actually, I have paid to a programmer and he made me a similar EA this guy is talking about. I found that the biggest problem with it is spread accumulation. Say, we bought EY at 100.00, 0.01 lot, spread 4, TP 100. TP not reached and we sold 0.02 at 99.50. We already lost 12 pips on the spread. Next turn we will buy 0.03 or 0.04 and will loose already 20+ pips. In a couple of rotations like this the spread will eat our TP completely (and the dealer will not have...
Thanks FatherJack, great info, but you do still use a very conservative martingale method in you manual trades, do you not?
0 traders viewing now